Reconstruction of the Prudential Principle in the Regulation of Cross-Collateral in Indonesian Bank Lending
Keywords:
Cross-collateral, Legal certainty, Legal protection, Prudential principle, Risk allocationAbstract
The use of a single collateral asset to secure multiple credit facilities involving different debtors creates interconnected legal and financial risks that are not fully addressed by Indonesia’s existing prudential framework. A default by one debtor may expose the collateral owner and other performing debtors to the loss of the shared asset while also emerging disputes that may impede the bank’s recovery of outstanding claims. This study examines the regulatory and practical weaknesses in the application of prudential principle to cross-collateral arrangements and formulates a reconstructed framework aimed at ensuring legal certainty, proportionate risk allocation, and protection for all affected parties. It employs normative legal research using statutory and conceptual approaches, supplemented by structured interviews with business actors, banking practitioners, advocates, and financial authorities. The findings reveal that credit assessment, risk management, Mortgage Rights, creditor priority, restructuring, and enforcement remain governed by fragmented legal regimes without an integrated mechanism for managing a shared collateral asset securing obligations of multiple debtors. The proposed reconstruction combines a performance-based credit and collateral assessment, strengthened credit analysis, internal bank guidelines, the Know Your Partner Principle, debtor consortia, and Mutual Binding Agreements. It establishes continuous risk disclosure and supervision while prioritizing early warning, restructuring, substitute collateral, and voluntary sale before proportionate enforcement is undertaken.
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